A consortium led by Akuo and composed of Harrison Street, Morgan Stanley, and GE Energy Financial Services (GE EFS) today announced financial close for Bennington Wind, a 93.06 MW onshore wind development project located approximately 100 miles (160 km) southwest of Chicago in Bennington Township in Marshall County, Illinois.
Situated in the eastern part of the Midcontinent Independent System Operator (MISO) regional transmission operator territory, the project will benefit from proximity to major population centers, an excellent wind resource, and limited grid congestion. GE Renewable Energy will supply thirty-three 2.82 MW turbines. Akuo will commence construction later this month, and the wind farm is projected to reach operational status in Q4 2021.
The project will produce enough electricity to power approximately 33,277 households and will offset the equivalent of 303,815 tons of carbon dioxide during each year of operation. This is the equivalent 9,114,441 tons of avoided carbon emissions over project’s 30 year life. The project has been in development by Akuo since 2016.
The Bennington Wind project marks Harrison Street’s fourth investment in a U.S. wind farm and the first with Akuo.
Morgan Stanley is the sole provider of construction financing and is the exclusive buyer of power and Renewable Energy Credits under a long-term Power Purchase Agreement (“PPA”). This PPA will deliver a significant portion of Morgan Stanley’s renewable energy required to achieve the firm’s commitment to 100% carbon neutrality and 100% renewable electricity sourcing by 2022. The windfarm renewable electricity production will account for over 50% of Morgan Stanley’s electricity consumption and 30% of its carbon footprint globally.
GE EFS is the tax equity provider for the project. Bennington marks the third successful collaboration between GE EFS and Akuo building on the success of 150 MW Rocksprings wind farm in Texas and the 30 MW Sterling wind farm in New Mexico.
Bennington Wind will deliver significant economic benefits to Marshall County and the State of Illinois. An estimated 378 jobs will be created statewide during construction with 148 of those residing in Marshall County. Over $19 million in property taxes will be paid over the life of the windfarm with $12.1 million going to local schools.
Bennington is Akuo’s second wind project financing this year in the United States following the June closing of the 336 MW Escalade Wind Farm in Texas. Together these projects will add 429 MW of wind capacity in 2021 and will bring the total amount of renewable assets under Akuo management in the U.S. to 609 MW.
